E~ BAI~ GO:
I~ SUNDAY,-25 * JULY 1982
E1A3CTORATE TALX
oi hajOr xresponsibilities of Government is toD M& t
r hat. -the 7econoxny is Ynanaged so as to create a clizite of-,
.4' bitin iWhirih business and industry.. can make-In รต . rm
~ Pwo ih': onfdcne. This is particUlarly SO -in'
iW-yd we have to weather a proloniged overseas
i~_ afecting profits, jo q, jVeatniOnt . Ahd
.! ie have hadtwo ' overall.
~ jetieS:. tminrnseth) e imp~ act on Amstral; U* i~ fthi
knde' ssioih, and.-to ntaYe sure we are well -equipped toi
LX;--adV aitge of a world economic. re cove ry,-whenever that.
2P~. he ont,~ tof this overall framework tbat-tbe.-
kV& n t:: axnouanced last M'onday its inidustry packag6., This
~& rf'bn~' i-to all Aft9tralin, -industries tbe:-
dd-v lopers, the -major. mianufacturers, piay
ii, nd -Australia's largestee ployers. the ml
it liif. 41ll -all gain ftom the package. The.: iicusty
~ g~. 4aieg-all industries with greatly. simplif ied ana: d
Oijxfeaous gnea depreciation provisions. ' Plant-ordere! d
~-LatMonday, il subject to certanecsosb
ide. for'Tgenerally shortened depreciation priddsB Of
~ t.. cor -f ive years.-
~ 44~~ ewp vsins for depxqsato on nonw-residential
~ no3J0U ditiq 6Xteh qito ol
~ jgxitralixa it l with most other advaniced Western.
a re. desigjned in p~ articular', t0'. assigtjjdilngand.
oonstruction. Industry. That:. niddustry, wIl
L~ 0b~ b~ Itxri the revi sed general depreciation
xq: po; L4ee. iation provision. 4 will mal 6 it nore attractive
ii~~ ttori nvst'innew technologies and to iincrease
C. i'rty which will be essential if Australain indtistry
-' r~ tx co4impetitive. Iii the past, rapid'tachnological
tt. Q-, MA biils less certain of the valueof investing
~ p~ xWK~. tqqu ment that might be rapidly outdated. ' The.
Wblnh of-wite-of f per iods, shoul d give renewed ' conf idence.
EMBARGO., 5. 0 OPM
jj rmAj. jA ji
-2-
k~ goer eralythe depreoiation provisions will create more
~? Op'Ortunities for -industries to Jinvest andI grow so that they
areea d totakce advantage of world economic: recovery when
iC~ omes. The Budgetary impact of the net. depreciato
-~ pO'iSA~ lSwill be to forego revenue sooner than would have
9. te~ i~-been the case. If industry takes ndvantage of the
JSf'.-Vftt T ore income, more profits and
_ pOV~ n willI be created. That -in turni would create
Xevanue -for'the Government.
package also includes the expan ion of the Export
~ Y~ 4ar~ t-Dealopment-Grant and the PExport Epapsion Grants
wilX be aledto lapse. Both the Industries'Assistance
"! Co sln.-n h Government have concluded that expandin g
.17~ 1 0xpb~ lE M~ arkef Development Grant is the most ef ficient way
~ 9d~ istng porersand is more in line with our, in tern at ional
-~ ib~ i~ t~ ns. But in the end, it is a cost ef ficient. Australian
~. eC~ lfly-Anl th6 expansion of world export markets through
onc b roth which %, Illg ive us renewed growth iii export
-; Aurhef fea ture of the indiustry pac1~ ace is the Government's
d16i6; x'of,.-tha' 1AC's proposal for lower general levels of.
saresult of decisions we hae taken over the
. o-Otrh rke years, protection on more than 20 separate'
p~ oic* gropiigsIs beinUc phased down, btit we have concluded
~ e~ i-el-reucti ons would he> practi ale at
t~ i~ t~ mebecause of the economic and social consequences to
~ z~ iOW~ f~ fliYK~ fsuch a reduction.
oOverl press -ahead withi our internatioinal trade
pii~ i f.-multilateral action on levels of protection,
-'~~ itheprsen eonomic environment and inl situation where
* ar5OT1F or.. ei. Frts aire estimated to be sulbject. to
~ x~ ntriff bbarriers, unilateral action on these proposals
~ t1 b. os beImpossible, ut if international zagreement
~ j~ otld' achieved on these proposals there would be improved
~ tG~~ ko'r ugtralan exports and Australia would Joini with
-zAO~ tis 4n-adopting thom. These measures would help
oTj~ xd, n ol economic growth. It is
VPo i dtr to take advautage of the k), vernrnent's*
. r . paC3~ ager so that when the world econ-omy dops. recover
~~ a. V'A~ srA~ x~ swilhenfitfrom faster growth, more jobs
~ 4~ hg, er inc Ome.